A Poor Benefits Strategy Causes HR Pain
Senior management views benefits as a cost to be cut, not an investment.
Without a strategy, senior management views benefits as a cost and the HR and benefits team simply as managers of a cost center. A good strategy links benefits back to business objectives and validates the HR and benefits team’s role as strategic partners in getting the most out of that investment.
Benefits don’t meet the diverse needs of employees.
Without a strategy, benefits often miss the mark, with under-spending in some key areas and over-spending in others based on outdated ideas or fleeting trends. A good benefits strategy helps the HR and benefits team move away from a one-size-fits-all approach and deliver benefits customized to the diverse needs of the workforce.
Employees don’t understand or value their benefits.
Without a strategy, the HR and benefits teams spend a lot of time reacting to the same questions and complaints from employees over and over again. A good strategy includes benchmarks that help HR and benefits demonstrate to employees the value of their benefits as well as a plan for communicating and engaging employees year-round, not just at open enrollment.
Solution: A Strategic Approach
Veritas has worked with dozens of HR and benefits teams on getting senior management buy-in for a strategic approach to benefits, one that strikes the right balance between cost and employee satisfaction. The result? A benefits offering that meets both employer and employee needs and that is understood and appreciated by employees—reducing stress and headaches for HR.
Contact Veritas today to arrange an initial discussion.